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Executive Summary
The Internet has opened up a new horizon for trade and commerce, namely electronic commerce (e-commerce). E-commerce entails the use of the Internet in the marketing, identification, payment and delivery of goods and services. This paper highlights the status, statutes, potential and constraints to e-commerce development in Bangladesh. Both the statutory laws as well as the challenges in implementing them are discussed. Major legal, regulatory and institutional constraints to e-commerce are identified. The paper also lists specific policy changes aimed at bringing improvements to the legal and regulatory environment affecting e-commerce.

Dimensions of E-Commerce

The three dimensions of e-commerce are Business-to-Consumers (B2C), Business-to Business (B2B) and Business-to-Government (B2G). B2C e-commerce is unlikely to be of much use in the near future in Bangladesh because of low per capita income, a weak infrastructural and legal environment, lack of trust between business and consumers. B2C for cross border trade is also limited by the factors suggested for the domestic front. In addition, non-availability of international credit cards, foreign currency remittance restrictions, delays and informal payments at customs clearance even for small value and quantity items will discourage B2C.

The B2B application already exists in the export sector of Bangladesh, especially in the Ready Made Garments (RMG) industry. RMG has the lion’s share of the export earnings in Bangladesh. The RMG sector has begun to use the Internet, and its dependence on ecommerce is likely to grow in the coming years. The Internet would enable them to seek information about potential buyers as well as raw material suppliers. Similarly the practice of posting a website by individual producers has begun. However, if Bangladeshi producers are unable to accommodate electronic transfer of payment and other facets of e-commerce, the business opportunity will move on to countries that have developed such systems.

B2G e-commerce is possible in Bangladesh, but on a limited scale at this stage. The government is a major buyer of goods and services from the private sector. Typically, the government procures goods and services by inviting tenders. The availability of the RFP and other relevant documents on-line provides an alternate choice. Transactions involving information collection, obtaining various governmental forms, registering activities can also be conducted on-line. This will reduce time costs, corruption and the necessity of going through lengthy bureaucratic procedures as well as increasing transparency.

E-Commerce in Bangladesh: Status, Potential and Constraints
Introduction
The Internet has opened up a new horizon for commerce, namely electronic commerce (ecommerce). The Internet, through advanced mechanisms of data transfer networks, establishes global linkages between customers and suppliers regardless of geographic location. E-commerce entails the use of the Internet in the marketing, identification, payment and delivery of goods and services. It involves order processing at company Websites and securing Electronic Fund Transfer (EFT) payment systems.

The Role of E-Commerce in the Era of Globalization
Globalization has brought in many changes in the business scenario with the whole world inching towards one big market place. Communication between the buyers and sellers has become critical as each can opt to explore a greater number of alternatives than ever before. E-commerce through Internet, e-mails, websites, and other facilities, enables a businessman to be linked with every corner of the world, and thus opens up greater opportunities in the world market.

Another important factor is the time required for completing a business transaction. As markets are becoming competitive and information is more readily available, a quick, reliable and replicable transaction implies availing of prevailing opportunities. On the contrary, delays in processing a transaction might become synonymous to wasting an opportunity. Therefore, a fast and alternative mechanism of communication, contract, and payment is an integral part of a globally competitive business organization.

A review of the trade scenario of Bangladesh reveals that it has accepted the challenge of globalization by pursuing the most liberalized trade regime in South Asia. As a signatory of WTO, Bangladesh has accepted the Code of Good Practice of the WTO Agreement on Technical Barriers to Trade. Consequently, it is expected to adhere to various standards and technical regulations. To face the challenge posed by globalization, Bangladeshi producers will not only have to offer goods and services at competitive prices, but also ensure timely delivery, quality control and an efficient and reliable payment mechanism.

However, the steps taken towards trade liberalization in Bangladesh become ineffective as a result of poor governance and weak infrastructure. Even simple day-to-day transactions with government bodies are characterized by unnecessary delays, obstructionism by public sector officials and demands for illegal payments. In addition to corruption, trade related regulations that are vague, contradictory and improperly implemented aggravate the situation.

The Existing Situation and Potential of E-Commerce in Bangladesh
Internet services are presently available in Bangladesh. Its usage for e-commerce by the Bangladeshi producers to export as well as to access inputs will be dependent on their willingness and ability to use this medium as well as that of the buyers of final products and the sellers of intermediate goods and services.
Figure : The Three Dimensions of E-Commerce

Source: International Telecommunications Union, Millennium, October 1999, Geneva

Figure depicts the three dimensions of e-commerce. Business-to-Consumers (B2C) ecommerce is practically non-existent within Bangladesh, while a very limited level of Business-to-Business (B2B) and Business-to-Government (B2G) transactions exists. The potential for use of e-commerce by Bangladeshi consumers and businesses with foreign firms is much brighter, and can play an important role in boosting the country’s exports. A significant volume of B2G is also possible, as the government remains the biggest spender.
Business-to-Consumer (B2C) Scenarios
Business-to-Consumer (B2C) e-commerce is unlikely to be of much use in the foreseeable future in Bangladesh. At the domestic level, low per capita income, limited infrustructural facilities (e.g. low teledensity), weak legal environment (inadequate contract laws, poor implementation and enforcement), and lack of trust and confidence between business and consumers are going to hinder B2C. In the backdrop of such limitations, the low wage economy, with high levels of unemployment and underemployment, will continue to rely on the physical presence of buyers and sellers during a transaction in most cases. B2C for cross border trade is inhibited by the factors suggested for the domestic front. In addition, non-availability of international credit cards, foreign currency remittance restrictions, delays and informal payments at customs clearance even for small value and quantity items will discourage B2C.
Business-to-Business (B2B) Scenarios
As mentioned before, the Business to Business (B2B) scenario prevails in Bangladesh to a very limited extent. The B2B scenario exists mostly in the export sector, especially in the Ready Made Garments (RMG) industry. RMG has the lion’s share of the export earnings in Bangladesh, accounting for 75 percent of total exports. The current value of annual exports of the RMG sector is close to $4.35 billion. The RMG sector has begun to use the Internet, and its dependence on e-commerce is likely to grow significantly in the coming years.

E-commerce through the Internet is poised to be an effective business tool for the RMG exporters. The Internet would enable them to seek information about potential buyers as well as raw material suppliers. Similarly the practice of posting a website by individual producers has begun. Opening a website is a step towards the right direction. Also, the adherence of Bangladeshi firms to quality, labor and environmental standards (e.g. ISO 9000, QS 9000) can also be shared and highlighted through the Internet technology.

Following the withdrawal of the quota system and the GSP in 2005, the RMG sector will inevitably become more competitive. As expected delivery time decreases, considering alternative payment mechanisms becomes imperative. The effective use of e-commerce both for placing orders, purchasing raw materials and for quick and efficient payment would be the necessary ingredients for any country to enhance its ability to deliver early. Necessary infrastructural, legal and regulatory reforms will be essential to avail of the ecommerce technology in dealing with the international market place.

E-commerce usage will become attractive when entrepreneurs will be convinced that this medium is capable of obtaining orders as well as increasing profitability by eliminating the role of middlemen. However, confidence and trust between the buyers and sellers is an important determinant. If the local producer fails to ensure adequate quality or timely delivery of products, the benefits of an efficient search and communication process will be undermined. Thus, authentication of both buyer and seller is a prerequisite for successful implementation of this medium.

The services of organizations like XMNet, Net ASM, etc. can be utilized in order to obtain information regarding authentic suppliers, manufacturers and buyers. XMNet is an organization that provides the service of verifying the claims of sellers with excess goods. They send inspectors to readymade garment factories world wide to check on merchandise and production lines, and also use independent agencies to check product quality. On the other hand, they also provide the seller with the credit history of the buyer to help them locate genuine buyers. For a reasonable fee, a great deal of information can be found from the Net Asian Sources Media Group (ASM) website.

With improvements in infrastructural facilities (e.g. cheaper and better access to Internet service), and greater application of the computer in management and finance by individual firms, export oriented sectors (such as frozen food, sea food, leather) as well as importers would appreciate the ease and benefits of the Internet in promoting their products.

Business-to-Government (B2G) Scenarios
The government is a major buyer of goods and services from the private sector. Typically, the government procures goods and services by inviting tenders. This has been the traditional method of any government procurement for goods and services. Tender notices are published in the major national dailies followed by selling the Request for Proposal (RFP) documents to the interested bidders. If any bidder seeks clarification on any aspect of the RFP, the customer is mandated to notify that clarification to all bidders by mail. In addition to costing money and taking time, such notification sometimes forces the customer extending the bid-closing deadline.

Bidders also obtain the RFP document “unofficially” for a comprehensive understanding of the ‘scope of work’ as well as for assessing their own capability. The availability of the RFP and other relevant documents on-line provides an alternate choice, thereby reducing the monopoly rent that can be extracted. In order to prevent such unfair practice, the Bangladesh Telegraph and Telephone Board (BTTB) initiated publishing the RFP documents of selected projects in its website. This immediately stopped the illicit practice of unofficially selling the RFP document, and only competent bidders were able to procure the RFP documents. In addition to reducing the extra administrative burden of BTTB, it also enabled BTTB to close those bids within a reasonable timeframe. The posting of the RFP documents on the Web is however an isolated effort being initiated by a few BTTB officials.

Introducing on-line payment or allowing electronic fund transfer for selling the RFP would be a significant leap towards B2G in Bangladesh. There are numerous instances of deliberate “unavailability” of the RFP, namely while the bids for civil infrastructure projects are invited. Syndicated vested groups forbid the other bidders’ participation by forming a cartel. B2G inherently brings transparency in such cases and ensures a level playing field for all the bidders. Electronic submission of the RFP followed by presenting the hardcopies could also be used to promote transparency, accountability and the threat or coercion that is often evidenced during the bid submission period.

In addition, transactions involving information collection, obtaining various governmental forms, registering activities can be conducted on-line. This will reduce time costs, corruption and the necessity of going through lengthy bureaucratic procedures as well as increasing transparency.

Supportive Framework
Electronic commerce generates competition, revenue and profit. It also creates flows of goods and services and hence traffic. Subsequently, it can act as an incentive for investors to finance locally available infrastructures, connectivity and bandwidth. However, before this ‘virtuous circle’ can be initiated, the ‘magic triangle’ -- access, trust and know-how -- an essential precondition for the start-up and expansion of electronic commerce, must be firmly established between both the public and the private partners involved. This magic triangle can only be set in place if it receives the full and active support from the various stakeholders.
Figure : The Magic Triangle of E-Commerce

Source: International Telecommunications Union, Millennium, October 1999. Geneva
Access to e-technology such as the Internet is a necessary but not a sufficient condition for the development and growth of e-commerce.The popularity of e-commerce in any economy will be dependent not only on the cost, efficiency and reliability of Internet technology but also on the supportive framework that includes legal and financial infrastructural support as well as support in the form of technical expertise (know-how). A weak and inefficient supportive environment can damage the trust among partners and will stranglehold the possibilities and attractiveness of using technology for business and commerce.
The Regulatory and Legal Environment
To keep pace with the new era of globalization, Bangladesh’s legal framework must ensure that appropriate legislative, judicial and administrative processes that support the public interest and private economic rights are in place. However, not much has been done in Bangladesh towards achieving that goal. Although certain century-old laws are being updated, the only significant legislative changes made in recent years have not proved to be very effective because of weak enforcement or provisions that allow for over-regulation (e.g. the Financial Loan Courts Act; the Securities and Exchange Commission Act).

Akin to any business sector, the regulatory and legal environment affecting trade and commerce will influence e-commerce development. These include institutional and policy directives as well as implementation capability and constraints relating to integration of the Internet and movement of goods and services.Despite the presence of a good infrastructure the failure to move goods and services and make payments on par with the international norms may dissuade businesses to embrace e-commerce.

This section highlights the overall industrial and trade policies dictating and influencing trade and commerce as well as e-commerce.

Telecommunications: An Integral Part of E-Commerce
Access, pricing, and the quality of Internet services are critically dependent on the status and performance of the telecommunications sector. The telecommunication sector of Bangladesh is characterized by poor level of penetration (0.4 telephone for every 100 persons, Graph 1), high cost to access, $341 connection fees for each telephone, one of the highest in the world, and a lengthy waiting period -- average waiting period for a new telephone connection varies from three months to ten years.

private sector in the production and delivery of telecommunication services. Although the Bangladesh Telegraph and Telephone Board (BTTB) continues to be a monopoly in providing basic telephone connections, the private sectors involvement in cellular phones and as Internet Service Providers (ISP) have been allowed. Private sector participation in improving and widening the telecommunication infrastructural facilities has also been accepted.

In the backdrop of the public-private mix, the legal and regulatory environment plays a key role in the type of market structure under which this sector will perform. The prevailing statutes and their implementation will play an important role in bringing additional investments, infusion of technology, and dictate the level of competition among the providers of telecommunication services relating to the Internet. This section of the report highlights the major telecommunication policies and the implementation agencies along with their strengths and weaknesses.

Financing and Banking Mechanism
Financing Mechanism

There are three types of export financing in Bangladesh: pre-shipment financing in local currency by commercial banks; pre-shipment financing in foreign currency by commercial banks through the Export Development Fund (EDF); and back-to-back letter of credit (L/C) facilities.

Exporters can access credit in local currency from private and nationalized commercial banks at a concessional rate determined by the Bangladesh Bank (BB). The Interest Rate Policy introduced in 1992, which liberalized interest rate ceilings for all categories of lending except to export, agriculture, and small and cottage industries, permitted individual banks to differentiate interest rates charged to individual borrowers. The interest rate bands for exports have been set in the range of 8 percent to 10 percent since 1994-95.

Exporters can obtain export credit for up to 90 percent of the value of their irrevocable L/C or sales agreement for a maximum period of 180 days. The Export Development Fund (EDF), administered by the Bangladesh Bank (BB), provides pre-shipment financing for imports of necessary raw materials, spare parts, and packaging materials for exporters of nontraditional items. Like other export credits, the time limit for repayment is usually 180 days, extendable to 270 days in exceptional cases.

Banking Mechanism

Automation and EFT in the Financial Sector: In Bangladesh, electronic fund transfer is at an early stage and used on a very limited scale. Electronic banking, which is highly dependent on the application of IT, has been pioneered by the foreign commercial banks. The local banks are yet to be fully automated. Most local banks use computers on a stand-alone basis. The extent of computerization in the local banks is limited to database management and electronic communication (through e-mails) only. A few foreign commercial banks and local banks are offering on-line banking facilities in the form of Automated Teller Machines (ATM) and local credit cards. Only one multi-national bank is now practicing on-line fund transfer between its branches, and two other local banks are supposed to introduce it within 2001. Also, the banks now offering ATM facilities have formed a common ATM pool. Under this system, a customer of any bank in the pool can receive the services using the same ATM.

An off-line computerized reconciliation and data management system has been implemented by the Central Bank of Bangladesh (Bangladesh Bank). However, a network system between Bangladesh Bank and the commercial banks is yet to be developed. On-line fund transfer between banks and between banks and other institutions are yet to be introduced.

The development of electronic banking within the country as well as outside the country is saddled with various infrastructural, institutional and regulatory constraints. A selected list of these constraints is provided below:

* Lack of network infrastructure of commercial banks * Absence of a centralized clearing system of the Central Bank Absence of EFT legislation * Exchange controls are too restrictive to promote e-commerceAbsence of a need based business plan for on-line banking * Inadequate qualified manpower to set up and maintain the network

Convertibility of the Taka: The Taka (the currency of Bangladesh) has been convertible for current account transactions since 1994. Consequently, earnings from the trading account are freely convertible into foreign exchange for the importation of goods.

Retention Quota:Exporters are at present allowed to retain 40 percent of their f.o.b. export earnings in foreign currency accounts denominated in U. S. Dollars, Pound Sterling, Deutsche Marks, Japanese Yen or the Euro. The ceiling for foreign currency retention has gradually been increased: 20 percent under the Export Policy 1993-95, and 40 percent since the Export Policy 1995-97.

International Credit Cards: Restriction on issuance of international credit cards prevails although local credit cards introduced by multi-national banks have become popular in Bangladesh. The Central Bank’s main concern against issuance of international credit cards is flight of capital from Bangladesh. However, the Central Bank has no objection on issuance of a generally accepted credit card, which will be honored by all commercial banks for local use only. Regrettably, the network for this type of credit card has yet to be established.
Lack of internationally accepted credit card facilities deprives genuine businessmen from initiating businesses or making international transactions smoothly. Furthermore, it also sends wrong signals to their foreign counterparts about the inability of Bangladeshi businessmen to make speedy payments through international credit cards. The concern for abuse of credit cards for transfer of capital is weak since all credit cards have a maximum credit limit.

Illegal Cross-border Payment: As businessmen are allowed to carry a restricted amount of foreign currency legally, many of them make foreign payments through the illegal – but extensively used – system of “Hundi”. The Hundi system is based on a basic barter principle. In this system, an individual or even a business in one country can instantaneously transfer funds to another country without the inevitable hassle that characterizes official fund transfer channels. The Hundi works through middlemen who ensure that the amounts required by the individual or the business reach the recipient almost instantaneously. When the borrower is assured (through telephone calls or other means) that the recipient is in possession of the loan, he/it then pays an equivalent amount in the local currency to the local counterpart of the middleman. The popularity of this system increases whenever the official rate of international currencies varies significantly from the market rate. The Hundi system deprives the government of the much sought foreign exchange reserves.

Human Capital
Successful application of e-commerce demands not only availability of technology and infrastructural facilities but also a skilled manpower that can appreciate and apply it. Bangladesh lacks skilled manpower and knowledgeable managers in the IT sector. Computers are primarily used for word processing, making presentations, e-mails in selected formal sector business establishments. However, the communication is constrained by the quality of verbal and written communication skills in English, which is mediocre at best, even among university graduates. If Bangladesh aims to interact closely with the international markets and seeks growth through exports, improved communication and computer skills among various segments of the society are imperative.

A good understanding of the current benefits and future opportunities of e-commerce is essential for the advancement of e-commerce. The lack of knowledge among public officials about the Internet and its potential, and their application in e-commerce, significantly handicaps policy reforms in this sector. In the private sector, viable IT sector projects fail to obtain financing due to the lack of understanding of the investors.

In the software development sector, Bangladesh has not shown much success because of the lack of qualified programmers and lack of initiative in the development of skilled manpower. Isolated, individual efforts were taken for initiating data entry and software export with limited success. These efforts were not successful because of inadequate experience, lack of quality control, inability to meet the deadlines as well as a failure to globally market Bangladesh’s keen interest and attempts to enter this market. However, selected entrepreneurs and organizations continue to make concrete and positive efforts to become involved. For instance, the Grameen Bank has recently set up a Software Village, the long term goal of which is to increase software exports from Bangladesh.

The Hidden Cost of Service Service | Standard Waiting Time | Informal Payment for Faster Service | Electricity | | | High Tension Connection | | Taka 100,000-150,000 | Low Tension Connection | | Taka 10,000-15,000 | Gas | 3 months | Taka 40,000 | Water | 3-4 months | Taka 14,000-20,000 | Phone | 10-12 years | Taka 50,000-70,000 | Trade License for a Garments Factory | 1 year | Taka 5,000-8,000 | Garments Factory Construction License | Supposed to take 1 month but takes longer | Taka 30,000-33,000 |
Source: Government That Works, Reforming the Public Sector, The World Bank, 1996

Conclusions and Recommendations

Despite being a poor country, selected segments of the Bangladeshi business community has embraced technology with reasonable success. The Facsimile in the 1980’s and mobile telephones in the 1990’s popularized modern technology in the mass market. Personal computers and the Internet are also emerging as day-to-day business tools. These positive indicators are favoring the prospects of e-commerce in Bangladesh.

The focus of this paper was on the current state of the regulatory environment in the financial and technological sectors of Bangladesh. Necessary reforms in order to introduce e-commerce have also been suggested. Lack of awareness among the policymakers has been identified as the major deterrent to introducing e-commerce. Conventional understanding of payment mechanisms raises false alarms against the flight of capital if e-commerce is implemented.

Synergy between telecommunications and information technology has the proven capability of monitoring and administering the real-time transactions. Therefore, liberalizing the telecom and IT sectors as well as reforming the country’s financial and commercial procedures is the preconditions of successfully implementing ecommerce in Bangladesh.

In the case of marketing, simply having a website in the vast sea of the Internet is not sufficient. Uniformity is an important factor in the commencing of contracts through the Internet. Therefore, to take advantage of the newer opportunities that IT development presents, the Bangladeshi companies have to attain internationally accepted certification on quality control, competitive price and timely delivery.

This paper presents possible e-commerce application in the RMG sector. Availing of the IT technology by the RMG as well as other export-oriented industries is likely to become a necessity (because of international demands and expectations) rather than a choice. Banks, customs and other supporting institutions, along with the entrepreneurs exporting goods and services, will have to accommodate the external demands in order to maintain competitiveness and open new global opportunities.

Creating awareness among the Bangladeshi exporters regarding e-commerce is essential. They have to be knowledgeable to appreciate and to utilize the benefits of IT. The exporters are not required to acquire operating knowledge on IT. Their understanding on the cost-benefit aspects followed by adopting e-commerce would be an achievement. Business associations can play a major part at this juncture by highlighting the benefits of IT to its members, and encouraging them to use customized software for their day-to-day operations.

The overview of the legal and regulatory statutes suggests that Bangladesh has made significant progress in facing the challenge of globalization and concurrently, embracing e-commerce in due course. Technological and infrastructural constraints to e-commerce can be overcome if existing laws and regulations are implemented. A better understanding of the potential benefits of e-commerce by the policy makers and bureaucrats is essential for speedy implementation and further reforms.

Major Constraints to E-Commerce
This paper highlights various constraints to commerce and trade in general and ecommerce in particular. Many of these constraints are endemic across the business sector and demands major reforms through strong political commitment and an ability to implement policy changes. A list of specific constraints to e-commerce that policy makers can address in the short and medium term is summarized below.

* Too few telephone connections. * Absence of a strong independent regulatory body for the telecommunication sector. * Absence of encryption law that precludes acceptance of digital signature. * Strong dependence of Letter of Credit to conduct international transactions. * Non-issuance of international credit cards for cross border transactions. * Interest rate ceiling on export loans.

Recommendations

Short term

1. Bangladesh Telecommunications Regulatory Commission (BTRC) should be established independent of the government control.

1. Voice over Internet Protocol (VoIP) and private international gateway for voice and data should be allowed.

2. The provision of obtaining permission from MOPT, prior to leasing the capacity from GrameenPhone’s optical fiber network should be abolished.

3. The tariff of BTTB’s DDN should be rationalized in order to make it affordable for the mass market.

4. Unlicensed radio frequencies should be made available on demand.

5. VSAT operating licenses should not limit the bandwidth.

6. The number of pre-shipment agents (PSI) should be increased. The size of fines and penalties on PSIs should be increased for breach of rules and regulations.

Medium term

1. Basic telephony in private sector should be allowed for nationwide operations.

2. Posting of government documents and publications including budgetary information on the Web should be instructed.

3. Contracts and other alternates to Letter-of-Credit (L/C) should be allowed as legal methods for international transactions.

4. Foreign exchange controls on travel and for business should be relaxed.

Long term

1. BTTB’s monopoly in the nationwide long distance services should be ended.

2. The number of telephone lines should be increased to encourage private providers to come into this sector.

3. The control of foreign exchange should be liberalized gradually, and issuance of International Credit Cards should be allowed.

4. Government officials are to be oriented on the benefits of e-commerce. For instance short course can be offered at training centers such as the Public Administration Training Center (PATC).

5. Business associations and organizations should be made aware of the benefits of e-commerce. BGMEA can play a significant role in this.

6. Greater competition among the Internet Service Providers (ISPs) should be promoted and new ISPs should be encouraged to come into business.

7. Revise and update ageing laws on trademark, copyrights and evidence.

8. Court procedures should be simplified and expedited.Administrative and institutional constraints in settling disputes should be removed. 9. Laws that allow encryption should be developed, thereby paving the way for authenticating transactions electronically.

10. Political commitment to improve governance and institutional strengthening are essential for successful application of e-commerce.

Reference

Fakir,Md. Shahidul Islam, Khan,Repon, Haque, and AKM Kamrul, “CRM practices in service sector in Bangladesh:An Empirical Study”, ASA University Review.

Ahmad, Salhuddin, Khan, M. FouzulKabir, and Akram, Tanweer, 1998. Legal, Regulatory, and Administrative Constraints to Employment Creation by Small and Medium Enterprises in Bangladesh, A report prepared for the USAID funded JOBS Project.

Ali, Syed Ashraf, 1995. Foreign Exchange and Financing of Foreign Trade, Lita Academics, Dhaka.

The Asia Foundation, 2000. Bangladesh Export-Apparel Industry: Into the 21st Century the Next Challenges, October, Dhaka.

Azad Dr. A. K., Dr. M. M. H. Joarder and Md. Iqbal, 1996, Summary of Reports on Uruguay Round Agreements and Related Issues, Ministry of Commerce, Government of the People’s Republic of Bangladesh.

Bakht, Zaid, 1999. Policy Induced Constraints to SME Development in Bangladesh, A report prepared for the USAID funded JOBS Project.

Bangladesh Bank, 1999. Annual Report 1997-98, Dhaka.

Bangladesh Bank, 1993. Circular No. 48, Foreign Exchange Control Division, Bangladesh Bank, 4 August, 1993, Dhaka.

Bangladesh Bank, 1992. Circular No. 50, Foreign Exchange Control Division, Bangladesh Bank, 1992 Dhaka.

Bangladesh Bank, Foreign Exchange Guidelines, Chapter 20, Bangladesh Bank, Dhaka.

Bangladesh Bureau of Statistics, 1998. Report on The Household Expenditure Survey 1995-96, Dhaka.

Bangladesh Computer Samity, 2000. Brochure of the BCS Software Expo, 2000, BCS, August 2000, Dhaka.

The World Bank, 1992, Bangladesh Selected Issues in External Competitiveness and Economic Efficiency, Report No. 10265-BD, South Asia Country Department 1, Industry and Finance Division.

The World Bank, 1986, Bangladesh: Recent Economic Developments and Medium Term Prospects,Report No. 6049. Washington, DC.

Yusuf, M. A. and Sinha, M. R, 2000. Transaction in Foreign Exchange: Principles & Practices, Dhaka.

Yilmaz, Kamil and Varma, Sona, 1995, Bangladesh: Industrial Surveys and Studies Program, Trade Policy Reform in Bangladesh, International Economics Department/ South Asia Country Dept. I, The World Bank, Washington, DC.

Feasibility study of e-commerce on the perspective of Bangladesh.

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